On November 17, 2025, Li Peng submitted his resignation to the board of LEGEND HOLDINGS, stepping down from his roles as executive director and CEO. The board resolved to appoint Yu Hao as the new CEO. The board stated that Li Peng’s departure was due to personal career considerations, and they fully respected his decision.

Li Peng assumed the CEO role in 2020 and, under the board’s leadership, steadily guided the company’s strategic and business development. He increased investments in technological innovation, enhanced post-investment management of portfolio companies, improved business quality, optimized the business structure, and strengthened talent development, making significant contributions to the company’s transformation and long-term growth. The company and the board expressed heartfelt gratitude for his service.

Li Peng remarked, “LEGEND HOLDINGS is an outstanding enterprise, and my 23 years here have been an invaluable part of my life. I sincerely thank the board and Chairman Ning Min for their trust, support, and understanding of my career aspirations. I also deeply cherish the time spent working alongside every colleague at LEGEND HOLDINGS and extend my gratitude for their dedication. I wish LEGEND continued success.”

The incoming CEO, Yu Hao, previously served as Vice President of LEGEND HOLDINGS and Dean of the Forward-Looking Technology Research Institute. The board highlighted that Dr. Yu is not only an accomplished technical expert in research but also an experienced business leader with operational expertise. He will continue to lead the Forward-Looking Technology Research Institute while driving the company’s strategic focus on technological innovation and high-quality development.

Yu Hao stated, “I am honored by the board’s confidence in me and recognize the weight of this responsibility. Under the leadership of Chairman Ning Min and the board, I will work diligently and pragmatically with my colleagues to advance LEGEND’s innovation and growth, living up to everyone’s trust.”

Chairman Ning Min praised Li Peng’s strong dedication, strategic vision, leadership, and international experience, noting his pivotal role in steering the company through challenges toward sustainable growth. He extended best wishes for Li Peng’s future endeavors.

Ning Min also emphasized that Dr. Yu Hao’s extensive expertise in technology and corporate innovation aligns perfectly with LEGEND’s strategy of prioritizing technological advancement as a core driver. He expressed confidence that Yu Hao would bring fresh momentum to the company’s development.

“Together with all our colleagues, we remain committed to our vision of contributing to the nation through industry, embracing innovation with unwavering determination,” Ning Min concluded.